Jet Airways shares fall up to 4.5%

Mumbai: Jet Airways scrip on Tuesday fell as much as 4.5 percent, after the Supreme Court sought response from the Centre on a petition filed by BJP leader Subramanian Swamy seeking a stay on the Etihad Airways deal.

After a positive start, shares of the company reversed the trend and tanked 4.33 percent to Rs 355.3 on the BSE. It was trading at 357.60, down 3.72 percent at 1512 hrs.

At the NSE, the stock fell by 4.47 percent to Rs 354.60.

The apex court issued notices to the Centre, ministries and departments concerned as well as Jet Airways and UAE's Etihad on the petition challenging the deal and sought their responses within four weeks.

The nine respondents to whom notices have been issued are the Centre, the Ministry of Finance, the Ministry of Commerce, the Ministry of External Affairs, Foreign Investment Promotion Board (FIPB), Department of Industrial Policy and Promotion, Directorate General of Civil Aviation (DGCA), Jet Airways and and Etihad Airways.

In the first-ever investment by a foreign airline in an Indian carrier, Jet Airways had on April 24 announced plans to sell 24 percent equity to Etihad Airways for about Rs 2,058 crore, as part of a strategic alliance that would lead to a major expansion in their global network.